China to Spend $27bn on Energy Efficiency and Renewables (The Guardian)
China plans to spend $27 bn (£17bn) this year to promote energy conservation, emission reductions and renewable energy.
The country's finance ministry said it wants to promote energy-saving products, solar and wind power and accelerate the development of renewable energy and hybrid cars.
China is the world's biggest emitter of carbon dioxide, followed by the United States.
A report by the International Energy Agency (IEA) on Thursday said China spurred a jump in global carbon emissions to their highest ever recorded level in 2011, offsetting falls in the US and Europe.
However, its CO2 emissions per unit of GDP, or its carbon intensity, fell by 15% between 2005 and 2011, the IEA said, suggesting the world's second-largest economy was finding less carbon-consuming ways to fuel growth.
In the long term, China is targeting to cut its greenhouse gas emissions by 40-45% by 2020, compared with 2003 levels and aims to boost its use of renewable energy to 15% of overall energy consumption.
Negotiators from over 180 nations are meeting in Bonn, Germany, until Friday to work towards getting a new global climate pact signed by 2015. The aim is to ensure ambitious emissions cuts are made after the Kyoto protocol expires at the end of this year.